TSR driver bridge · · built from SEC filings

That is the trend. The next exhibit is the level.

Normalized SG&A · % of revenue · 17 US-GAAP Conglomerates peers

What "normalized" means. Reported SG&A less the disclosed advertising and R&D lines (SEC XBRL). Restructuring and stock-based compensation are benchmarked in Exhibit 3 but not stripped. What remains is the residual overhead line, on the same footing for all 17 peers. Every adjustment traceable to the 10-K. Each bar is one peer.

Advertising, R&D, stock comp, restructuring · total filed spend, any P&L line

What the gap is worth · vs FY2027 analyst estimates

On the record · verbatim from the earnings calls

The full benchmark

Start the 3M Company benchmark

3 minutes to configure. Fixed-fee quote up front, read-out in days.

Your peer set, editable. Every number traceable to filings. Built outside-in, no data requests, nothing to install.

Use ← → keys, or swipe

3M Company SG&A versus peers, in text

3M Company (MMM) reports revenue of $24,948 million. On a normalized basis its SG&A runs 15.1% of revenue, against a median of 14.7% across 16 Conglomerates peers; 7 of the 16 run heavier. Reported SG&A less the disclosed lines that distort comparison: advertising, R&D, pension, stock-based compensation, restructuring and one-time items, plus logistics reclassed where filers park it in SG&A.

Disclosed lines held outside the normalized figure: Advertising 0.9% of revenue (4 of 17 companies disclose it); Stock-based comp 0.9% of revenue (15 of 17 companies disclose it).

Over 10 years (FY2016 to FY2025), 3M Company's total shareholder return was +45% against +321% for the peer composite; SG&A contributed -10.2 points of that return.

Built from SEC filings. Machine-readable copy: https://sgabenchmarking.com/r/MMM.json. Function-level headcount benchmarks by industry: https://sgabenchmarking.com/catalog.json.